An Overview of Cost of Living in Attleboro, MA
Getting a feel for the cost of living in Attleboro is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Attleboro is 122, which is 22% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Attleboro is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Attleboro falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in Attleboro, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 54.3% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Attleboro, you can expect to pay 15.3% more than average for these items, making it a more expensive place to live.
What Do Locals Say About the Cost of Living in Attleboro?
The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in Attleboro. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 20% found it budget-friendly with decreasing prices, while 80% said it's simply not affordable as prices have continued to rise.
Is Attleboro Affordable?
Is Attleboro an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Attleboro, the median home price is 69.7% higher than what most folks pay across the country, and monthly rent prices are 18.5% higher than the usual rates. Income levels in Attleboro come in at $77,107, which is 39.4% higher than the national average.
What Factors can Influence the Cost of Living in Attleboro?
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Attleboro, the prevailing sales tax rate starts at 6.25%, and income tax rates kick off at 5%.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Attleboro, is 54.3% higher than the national average.
Where is the Data From?
The Attleboro cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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